The London and New York-based international investment firm, TowerBrook Capital Partners (TowerBrook) has today declared its agreement to acquire Premium Credit Limited from Cinven. The transaction, which is expected to close in H2 2022, is subject to formal regulatory and antitrust approvals and its economic terms were not disclosed.
As a provider of premium finance for commercial and commercial insurance products, as well as other specialist lending solutions, Premium Credit was hailed by TowerBrook MD Joseph Knoll as “a high-quality business with strong prospects for continued growth”.
TowerBrook’s team have been very impressed by the corporation’s technology platform, he said, as well as its management team and successful diversification into new product areas. The group thinks it is well-placed to support Premium Credit with its next chapter of growth and success as an experienced investor within the financial assistance sector.
CEO of Premium Credit Tara Waite commented on the deal and said that after a profitable period under Cinven’s ownership, the firm is delighted to have the opportunity to partner with TowerBrook in the years ahead.
“TowerBrook has a remarkable history of investing in financial services companies, is a leader in responsible ownership, and has a dual capability of an enterprise team and internal Portfolio Group to help us create value,” she said. “It is clear from our discussions over recent months that they will bring significant expertise to help Premium Credit go from strength to courage. We look forward to working closely with them to realise our shared ambitions for the business.”
